Do you want to start a video editing agency? If so, find here a stepwise guide on starting a video editing agency business with market potential, skills required, operational plan, and much more.
Video editing services providing business can be initiated in two ways. One is on a home-based and part-time basis. Another one is with a full-fledged studio setup. Video editing service is an ideal opportunity for moms, housewives, students, and retired personnel also.
Like any other service industry, the video editing service business has also three core components in management and operations. These are production, marketing, and administration. With the right skill and adequate knowledge, any individual can initiate a video editing service business with a comparatively small startup capital investment.
11 Steps to Start Video Editing Business
1. Understand the Market Potential
Video editing service provides is a recession-free business opportunity. People need this service for various reasons, such as memorable family videos, creating a fun video, creating school project, or for business reasons.
Business houses have a need to transform a bland website into a more engaging one full of multi-media content. Using video is important to keep web visitors on the website much longer, which can translate into more sales and web traffic.
As digital, high-definition, file-based, and multimedia ecosystems are replacing enterprise video segments, enterprises are focusing increasingly on video editing solutions. Video editing has opened to a larger commercial audience nowadays after the emergence of automatic video editing products.
2. Training & Skills For Video Editing Service
In starting a video editing service business, you must have good skills and adequate knowledge about video editing. A degree is definitely a plus, but not mandatory.
You can avail of several offline and online training to learn different video editing software and digital editing. As it is a technology-related business opportunity, you have to be updated with all the up-gradation made by software companies from time to time.
If you want to learn video editing online from the comfort of your home, check out the best-selling courses on Udemy.
3. Find a Niche
Many different types of services you can offer in addition to video editing. These are indexing footage, consulting services to business houses, video footage web hosting, and online video marketing.
If you can project yourself as a problem solver by offering related services, then your clients will return to you and give you more business as well as refer their family and friends.
There are several different methods to edit videos and each of them has its own advantages and disadvantages. Some of the popular video editing methods are:
- Film Splicing
- Tape to Tape (Linear)
- Live editing
4. Create a Video Editing Agency Business Plan
A comprehensive business plan is a must regardless of how small your video editing service business is. The most important is determining the target audience. You can initiate and choose from a list of narrative films, wedding videos, music videos, graduation videos, commercials, and corporate videos.
You don’t have to choose just one, you can sprinkle in a few areas of interest if you desire. But by focusing on a niche area, you’ll be able to pay closer attention to the needs of the customers in that specific field. That will help you get your feet firmly on the ground. Create a marketing plan and accordingly, calculate a startup budget. If you are going to initiate with organization setup, then operational cost needs to be calculated within the budget.
Here are some of the topics that must be addressed in your video editing agency business plan:
- Initial and recurring costs
- Target customer
- Pricing plan
- How do you plan to promote services
5. Register your Video Editing Business
Registering your business as per your state’s rules and regulations is a must. Also, check the legal compliance and tax reforms related to this business.
6. Select a Catchy Name
Select a catchy and memorable name for your business. It will help you in creating brand awareness within the community.
7. Fix Pricing
Fix your pricing legitimately. It is always advisable, to ask for a 50% advance when you are cutting a deal and the rest 50% when the client approves the final work. On longer or bigger jobs, you can work out a form of in-progress billing.
8. Hire Manpower
If you are launching a video editing agency providing a wide range of services, you need expert professionals. One can reduce the hiring costs in the starting phase by outsourcing experts on a contract basis instead of keeping them as full-time employees.
9. Set Accounting Process
Pay attention to accounting. Always remember, getting paid doesn’t mean you are generating a net profit. It is essential to buy proper accounting software and set a smooth accounting process.
10. Buy a Video Editing Service Software
Different types of video editing software fill different needs and expect different amounts of expertise and experience, so it’s important to do some research before diving into a product that won’t meet your needs. Here are some of the popular video editing software you might find helpful and effective.
a) Windows Live Movie Maker (Microsoft): If you simply want to connect one clip to another, and maybe add a few amateur transition effects, then this is the product for you. The best part? It’s free!
b) Pinnacle Studio (Pinnacle Systems): Under the wing of Avid Technology, Pinnacle Studio comes with a long list of features that should please digital video artists of every caliber. Editing AVCHD and H.264 format video is no problem, nor is backing up your work thanks to the new archive and restoring the system.
c) Premiere Pro (Adobe): Adobe Premiere Pro is not only one of the only NLE (non-linear editing systems) available for 64-bit Mac and Windows users, but it’s also arguably the best.
d) Vegas Pro (Sony Creative Software): Originally published by Sonic Foundry, Sony Vegas is another top-of-the-line solution for those seeking a powerful NLE. Having been used to edit countless movies, television shows, and even music videos, Vegas Pro is constantly being updated each year to meet users’ every demand.
e) Apple iMovie (Apple): Depending on which Mac product you have, iMovie may come bundled with it for free. Like Windows Movie Maker, iMovie is a simple approach to video editing, though it packs a bit more of a punch than the Windows competitor.
11. Promote Your Video Editing Agency Business
Promote your video editing service in both ways, online and offline. Preparing the right tools like business cards, and brochures are important. Creating your own website is a must. create a portfolio.
Ask your potential client to give feedback on your work. It will work as testimonials. Attending trade shows is an effective way of increasing brand awareness. Register your company with online marketplaces. Campaign on social media carefully.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.